The first Ethical Code of Coop Adriatica was made in 1996. Ten years of experience produced a general empowerment about business ethics in the whole cooperative. The article analyses the qualities and faults in this experience and the reasons that have carried to the definition of a new Code, approved by the general members' meeting in June 2006. It describes the innovating contents of the Code, stretching on its management and the relationship between the Code and corporate culture.